Bitcoin $94,845 has begun to signal recovery after nearly two months of negative market trends, rekindling interest among traders. Approaching the $95,000 level, the leading cryptocurrency has managed to offset an earlier 18% drop in value, sparking significant movements across the broader market.Bitcoin Compared to Gold and Nasdaq
Since December 31, Bitcoin has gained 1.5%, placing it between gold’s 24% rise and over 7% drop in the Nasdaq 100 index. This performance strengthens the view that Bitcoin is distancing itself from being perceived solely as a “technology stock” and is increasingly recognized as “digital gold.” Market experts emphasize Bitcoin’s growing role as a store of value.
Technical analysis indicates a strong correlation (0.70) between Bitcoin and gold over the past 30 days. Conversely, the weaker correlation (0.53) with the Nasdaq 100 suggests that Bitcoin is now more closely associated with traditional valuable assets. Experts assert that these correlation values serve as effective indicators in investment strategies.
In the past week, Bitcoin’s price has surged by 10%. This spike resembles movements observed after previous political developments. Bitcoin’s performance during such periods highlights the market’s sensitivity to sudden changes.#BinanceAlphaPoints #BinanceAlphaAlert #BTCvsMarkets
